According to a recent article written by Nikki Gilliland at Econsultancy, some of the world’s most well known luxury brands are embracing influencers as a key marketing strategy.

While the mass market appeal of social media might seem at odds with the exclusive nature of high-end fashion, luxury brands are starting to understand that leveraging the viral and broad appeal of social is vital to sustainability and growth.

Thanks to new technology, video is now cheaper and easier to produce than ever before. Even more exciting, is the ability for businesses to live stream via various social media channels to engage audiences.

Some of the most exciting tech trends of 2016 included advances in virtual reality and a resurgence in augmented reality. Last year this technology was big for gaming (think Pokémon Go). This year, watch out for applications in retail, tourism and advertising.

In the world of business, marketers tend to follow a set of standard rules, which include ‘defining a target audience’ and ‘meeting consumers needs.’ A marketing plan often summarizes the voice of the consumer, as this is the best way to ensure that consumer’s demands will be met. In the world of luxury marketing, however, the opposite applies.